The stock of Energy Recovery, Inc. (NASDAQ:ERII) is now priced at $7.01 and the shares are -0.58 points down or -7.7% lower compared to its previous closing price of $7.59. The stock had 924776 contracts set over the past session. ERII shares’ daily volume is compared to its average trading volume at 279449 shares. However, it has a float of 47.4 million and although its performance was -16.84% over the week, it’s one to watch. Analysts have given the ERII stock a yearly average price target of $13.4 per share. It means the stock’s upside potential is 91.16% with the ERII share price recently placing at $7.02 to $7.8.
The shorts are climbing into the Energy Recovery, Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the ERII shares have risen. Short interest in the stock represents just 7.98% of its float, but the volume has raised by 152029. The volume of shorted shares rised to 3.782 million from 3.63 million shares over the last two weeks. The average intraday trading volume has been 178091 shares, which means that days to cover moved to roughly 21.234711.
In the last trading session, Energy Recovery, Inc. (NASDAQ:ERII) dropped by -$1.42 over the week and lost -$1.13 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $12.04. The stock recorded its established 52-week high on 07/16/19.
Since 03/23/20, the stock has traded to a low of $6.11 at 14.73%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 3.01. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Energy Recovery, Inc.’s two-week RSI is 35.71. This suggests that the stock is neutral at the moment and that ERII shares’ price movement remains stable. The stochastic readings are equally revealing at 34.69% meaning the ERII share price is currently in neutral territory.
The technical chart shows that the ERII stock will likely settle at between $7.53 and $8.05 per share. However, if the stock dips below $6.64, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.28.
Currently, the stock is trading in the red of MACD, with a reading of -0.5. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at B. Riley FBR cut their recommendation for ERII from Buy to Neutral in June 30 review while maintai their target price of $9.5. Evercore ISI analysts downgraded their recommendation of the stock from Outperform to In-line in a flash note released to investors on March 09. Raymond James analysts see the stock as Outperform when the analysts initiated the share price coverage on October 24, placing it at $12.
The average rating for the ERII equity is 2 and is currently gathering a bullish momentum. Of 5 analysts tracking Energy Recovery, Inc. polled by Reuters, 2 rated ERII as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the ERII stock price is 14.98X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 50.6 above the group’s average of 23.2. Energy Recovery, Inc. has its P/E ratio at 3.1, which means that the stock is currently trading at a discount relative to the 3.3 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Energy Recovery, Inc. (NASDAQ:ERII) will decrease by about -99.89%, which will see them reach $24.04 million. The company’s full-year revenues are, however, expected to increase by about 15.24%, up from $86.94 million to $100.19 million. ERII’s expected adjusted earnings should drop almost -57.14% to end up at $0.03 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 5.56% to record $0.19/share.